In 2013, for example, the average annual increase in retail prices for a combined set of 622 widely used prescription drugs was 9.4 percent. The general inflation rate, however, was 1.5 percent over the same period.

AARP attributes its findings on the much higher average cost “entirely” to price increases for brand-name and specialty drugs, which the nonprofit reports “more than offset often substantial price decreases among generic drugs.”

Of course, as is the case for most types of purchases, consumers are not obligated to buy brand-name drugs and can save a lot of money by buying generics.

To learn more about how to lower your drug costs — whether you use brand-name or generic drugs — start with:

What’s your take on AARP’s findings? Let us know what you think by commenting below or on our Facebook page.

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